Iridium Communications Acquires Stake In GNSS Solutions Provider DDK Positioning For Undisclosed Sum - Ir

Iridium Communications Inc (NASDAQ: IRDM) acquired a stake in Aberdeen, Scotland’s enhanced Global Navigation Satellite System (GNSS) accuracy solutions provider DDK Positioning (DDK).
The financial terms of the transaction were not disclosed.
DDK offers precise positioning of five centimeters or less under the Iridium network than GPS’s standard positioning accuracy at 10 meters. DDK’s higher precision renders it a fit for autonomous vehicles like UAVs, precision agriculture applications, offshore infrastructure projects like windfarm construction, automotive applications like driverless cars, multiple construction, mining, surveying, and IoT use cases.
Iridium and DDK partner solutions focused on precision agriculture, autonomous systems, maritime and infrastructure projects can experience precise GNSS accuracy from anywhere on the planet, Iridium CEO Matt Desch said.
Iridium held $222.3 million in cash and equivalents as of March 31, 2021.
Price action: IRDM shares are up by 0.46% at $37.15 on the last check Monday.

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